Data: Financial Modeling Prep ; Chart: Emily Peck/Axios Investors seem to be hitting pause on the AI run-up. Chip stocks in particular are slumping from their record highs. Why it matters: We're in a bit of a reality-check moment in the AI buildout — both for the businesses blowing their budgets on compute and for the investors bidding up stock prices for any company engaged in the new technology. The big picture: AI is moving faster than ever before, and the cost of some compute , or the price to rent the processing power needed to run models, is going down. - But prices to run the flagship frontier models from OpenAI and Anthropic are far more costly. - At the same time, demand for AI technology is still growing. State of play:…
A new report reveals that nearly half of all cigarettes consumed in the United Kingdom are now sourced from the illicit market, fueling organized crime and leading to significant tax revenue losses.
A new report reveals that nearly half of all cigarettes consumed in the United Kingdom are now sourced from the illicit market, fueling organized crime and leading to significant tax revenue losses. PULSE POINTS WHAT HAPPENED: A KPMG report commissioned by Philip Morris International reveals that 45 percent of cigarettes consumed in the United Kingdom in 2025 were non-duty-paid, with 32.3 percent being counterfeit or contraband. IMPACT: The illicit cigarette market cost Britain’s Treasury an estimated £4.46 billion (~$6bn) in lost tax revenue. The country has the highest taxes on tobacco products in Europe, and the second-largest illicit market, behind only France—where such taxes have risen rapidly in recent years.…Open
Fewer than 1 in 10 CEOs of large U.S. companies plan to cut jobs due to AI in 2026, according to a new survey from consultancy KPMG. Why it matters: The disruptive nature of AI is fostering significant debate over how the economy will evolve. The big picture: 9% of CEOs plan to reduce their workforce because of AI investments this year, according to the 2026 KPMG U.S. CEO Outlook Pulse Survey. - 55% expect to increase hiring in 2026 as a direct result of AI, while 36% expect no change. Zoom in: U.S. CEOs are optimistic about the potential of AI to improve their businesses over the next five to 10 years, but in the short run they've been underwhelmed by the impact, KPMG CEO Tim Walsh tells Axios. - "I would say the majority of companies…